Westward Investments Limited, a company which is owned by a discretionary trust of which Adonis Pouroulis (Non-Executive Director) is one of a number of beneficiaries, has indicated its intention to participate in the Placing at a minimum value of US$1 million (£585,000).
I guess we now know what our joint brokerage have been bought on board to do !
That was quick.... " Commercial terms have been concluded with a third party to fund 50% of this seismic programme to earn 25% equity in the licences with documentation of these terms currently being negotiated. An additional partnering process has been initiated on this acreage to further mitigate risk and share capital investment. "
The rns yesterday about the placing states that starting date for the placing was after the rns last night and the closing date was 4.30 pm to day the 22nd July. With payment to be made by the placees by closing to day. So this is a done deal, just need to wait for the rns about the price , find out who the new institutional shareholders are and try to figure out where the new opportunity is and in what block will they be posting a bank guarantee to guarantee drilling .
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